Since our last comments on the Macro’s, March 21st, and the markets in general, March 30th, little has changed.
- The Macro directions have not changed.
- The market range based on the S&P 500 index has been 2022 to 2075 during this period, and today is at 2059.
- My view at the moment is that the primary elections are probably sapping most of the energy out of trading.
- Probably the most significant set of factors to jump out at traders has been the fact that Japan in spite of all its efforts through cheap money to push the Yen down, the Yen has in fact risen. What is to keep this kind of reaction from developing in the U.S. as the FED is expending a lot of energy to try and push the dollar down and keep interest rates low.
- At the moment I would not be surprised to see a little nominal pop to get all the stops above the current range, up to 2090 on the S&P, and then to see the decline resume.